Fisher Asset Management LLC Cuts Position in Regal Rexnord Co. (NYSE:RRX)

Fisher Asset Management LLC cut its stake in Regal Rexnord Co. (NYSE:RRX) by 3.9% during the fourth quarter, HoldingsChannel reports. The fund owned 384,639 shares of the company’s stock after selling 15,582 shares during the quarter. Fisher Asset Management LLC’s holdings in Regal Rexnord were worth $59,669,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tobam purchased a new position in shares of Regal Rexnord in the 4th quarter valued at $45,000. Nomura Asset Management Co. Ltd. lifted its position in Regal Rexnord by 30.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company’s stock valued at $71,000 after acquiring an additional 100 shares during the last quarter. GAMMA Investing LLC boosted its stake in Regal Rexnord by 28.3% in the fourth quarter. GAMMA Investing LLC now owns 1,079 shares of the company’s stock valued at $167,000 after acquiring an additional 238 shares in the last quarter. Weatherly Asset Management L. P. purchased a new position in Regal Rexnord in the third quarter worth $180,000. Finally, OneDigital Investment Advisors LLC purchased a new position in Regal Rexnord in the third quarter worth $209,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Regal Rexnord Trading Down 0.4 %

Regal Rexnord stock opened at $129.45 on Friday. Regal Rexnord Co. has a 52 week low of $127.67 and a 52 week high of $185.28. The stock has a 50-day moving average price of $150.13 and a 200 day moving average price of $160.90. The company has a quick ratio of 1.25, a current ratio of 2.26 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 43.88, a price-to-earnings-growth ratio of 1.37 and a beta of 1.03.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $2.34 EPS for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a net margin of 3.25% and a return on equity of 9.57%. Sell-side analysts anticipate that Regal Rexnord Co. will post 9.95 EPS for the current year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.08%. Regal Rexnord’s payout ratio is currently 47.46%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. StockNews.com cut Regal Rexnord from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 16th. Jefferies Financial Group initiated coverage on Regal Rexnord in a report on Thursday, December 12th. They issued a “buy” rating and a $215.00 price target for the company. Oppenheimer cut their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Citigroup decreased their price objective on shares of Regal Rexnord from $210.00 to $190.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Robert W. Baird dropped their target price on shares of Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $197.75.

Regal Rexnord Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.